Resolution plan must meet the mandate of Code and not violate rights given to secured creditor: SC

Vistra ITCL (India) LTD Vs Dinkar Venkatasubramanian (Supreme Court of India)

The difficulty which arises in the present case is that, in terms of the decision of this Court in Anuj Jain (supra) and Phoenix ARC (supra), Appellant No. 1 Vistra is to be treated as a secured creditor, but would not fall under the category of financial creditors or operational creditors. Therefore, they would be denied the benefit of the amendments to Section 30(2) of the Code made vide Act No. 26 of 2019, or for that matter Act No. 26 of 2018.

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